GM and Peugeot talk further about going into a Joint Venture

Only a few days back, we reported about the hushed talks of a JV berween French car maker Peugeot and General Motors. Now, it is being reported that the French labour minister recently confirmed the aforementioned news on a local radio show. It is now very sure that GM and Peugeot Citroën (PSA) have gone ahead with the initial talks of a joint venture. Another good news is that these talks are bearinf fruit and GM is planning to acquire 7% stakes in PSA. On formation of a JV, the two major auto manufacuturers should be seen co-developing engines, transmissions and platforms that would be used by Peugeot/Citroën and Opel/Vauxhall.